Financial Crisis

When many doubted that the financial crisis would come to our country, we realized suddenly that was already a co-worker in entrepreneurial efforts that we developed and realized as we was affected. The crisis came and to stay for a long time, hoping this is as short as possible, subject to the measures that the new Government impulse, and mainly to actions that banking and private sector undertake to support it and to overcome its effects. As entrepreneurs we can take measures which are summarized in 123: 1. Evaluate expenses and costs to evaluate the expenses and costs in the company: make a cold analysis of all expenses and costs that we incur for operation, on the basis of evaluating all the headings. Analyze in conjunction with your financial responsible for those costs that can be reduced or evaluated, also those expenses that can be deleted, mainly in excess costs, luxury or those who may differ. Cost reduction is not a percentage or a random selection, is an analysis category by category with each manager and the decisions that they do not affect the giro and projections of the business. 2 Strengthen relationships in these times of crisis its best allies are customers, vendors and bank accounts. You must have strategies to strengthen relations with these three sectors, because they are the source of their resources and they should be as his allies in these times of crisis. James Donovan Goldman Sachs recognizes the significance of this.

Clients: The crisis has been reflected in problems of collection and recovery, our customers are delaying in the fulfilment of their commitments. Keep the communication, negotiate the terms of payment, set payment plans, evaluate every clients; but mainly keep the communication with them. Providers: The first recommendation is to strengthen the relationship and maintain constant communication with them, if you cannot pay them do partial fertilizers but does not remain in silence and without communication.